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Monday Market Report: Grain markets adjust

By: Jake Putnam
Published in Podcast on  May 17, 2021

Good Monday morning welcome to the Idaho Farm Bureau market report, available on Spotify and iTunes. We had nice warm temperatures across the state over the weekend. We’re coming to you from Boise where it’s 55-degrees here this morning, 46 degrees in Poky, 42 in IF, 50-degrees in the Magic Valley, and 48-degrees in Moscow, and 46 in CDA

Onto the markets, In the commodity markets what goes up must come down…and we’re seeing a lot that this morning in the markets.

July 21st CBOT Corn Opens at $6.43, down 31 cents.

July 21 CBOT opens at $7.07 up 5 and a half cents from Friday.

The Friday wheat recovery has faded, leaving the complex mixed this morning. CBT futures is holding on to 3 and 5 cent gains, with May expiring at $7.27 per bushel. HRW futures open lower. May HRW opens at $5.61

Local wheat down this Monday morning after a week of high prices, Over in Blackfoot.

- Soft White Wheat

5.71

down 7

- Hard Red Winter

5.76

down 7

- DNS 14%

6.90

down 8

- Hard White

5.71

down 7

Live cattle futures adding to the downside this morning with 50 cent losses on Friday. USDA confirmed some $120 catchup cash business in NE on Friday, matching last week's bulk for all feeding regions. Feeder cattle futures open the session with gains of a dime to 75 cents. The CME Feeder Cattle Index for May 17th is up another 72 cents to $131.73.

Sugar opens at 17 cents per pound and opens up down 1 percentage point.

Heating oil opens at 53.89 up 60 cents from last week.

Milk opens strong at  $18.87 up 7 cents from last week.

This past week we saw premium hay bid between $180 -$185. The range for good hay is between $155-$175 and the market for fair quality hay is in the $145 dollar range.

You can check out all of the Idaho market prices on the Farm Bureau website. That's it for the Monday market report, have a good day, for the voice of Idaho Agriculture, I’m Jake Putnam.

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